Payoneer is a global payment platform that lets people and businesses send and receive money from other countries. It works with more than 150 different currencies and gives you many ways to get your money back, such as bank transfers, prepaid Mastercards, and local e-wallets. Payoneer is used by a lot of freelancers, people who sell things online, and businesses that do business in multiple countries. It also works with many different marketplaces and platforms, which makes it easy for users to get paid from different places.
Wise, which used to be called TransferWise, is an online money transfer service that aims to make international transfers fast, clear, and cheap. It works on a peer-to-peer model, which means that users who want to convert and transfer currencies are matched with each other. Wise gives you mid-market exchange rates in real time and charges low, clear transfer fees. It gives users bank account information in multiple countries, so they can get paid in foreign currencies without having to pay extra fees. Wise is used by many people and businesses that need to send money across borders often.
Payoneer vs Wise Comparison Table
|Global Availability||Available in over 200 countries and territories||Available in 80+ countries and territories|
|Account Types||Offers both individual and business accounts||Offers both individual and business accounts|
|Currency Support||Supports over 150 currencies||Supports 40+ currencies|
|Transfer Fees||Varies depending on the type of transfer and currency||Transparent and low fees|
|Exchange Rates||May have higher exchange rates compared to market rates||Offers real-time, mid-market exchange rates|
|Transfer Speed||Fast transfers within minutes to 2 business days||Transfers usually complete within 1-2 business days|
|Withdrawal Options||Bank transfers, prepaid Mastercard, local e-wallets||Bank transfers, local bank account transfers|
|Payment Integration||Integration with various marketplaces and freelance platforms||Limited payment integration options|
|Mobile App||Available for iOS and Android devices||Available for iOS and Android devices|
|Customer Support||Offers 24/7 multilingual customer support||Offers customer support during business hours|
|Official link||Visit Website||Visit Website|
Payoneer vs Wise Ease of use and accessibility
Wise provides good customer service through live chat, email, and the phone. The website currently supports English, Spanish, German, Portuguese, Romanian, Japanese, Polish, Russian, Italian, Hungarian, French, and Turkish. It can support up to 12 languages in the future. The service provider also has an app that makes it easy to make transfers on the go. You can also look at past transactions and check exchange rates right from the app. Wise has a 2-factor authentication system that sends a code to verify transactions before they go through. This keeps customer transfers safe.
Payoneer has 320 people working in customer service who can help clients in 70 different languages through live chat, email, and the phone. The company lets people from all over the world send money in more than 150 different currencies. The website can be changed into 8 other languages besides English.
You can use Payoneer through an app that lets you manage currencies, request payments, withdraw money from bank accounts and Payoneer accounts, and send money to and from Payoneer accounts and bank accounts. Soon, 3D Secure will be added to the provider’s prepaid cards to make sure that only authorized users can use the platform. This new way to improve security is a good way to stop cybercrime.
Payoneer vs Wise Support
Payoneer and Wise, which used to be called TransferWise, are two well-known online payment platforms that let you send money around the world. Even though they have some things in common, their features and support are very different. Payoneer is available in more than 200 countries and territories, which makes it easy for people and businesses all over the world to use. It has accounts for both individuals and businesses, making it easy to receive and send payments. Payoneer works with more than 150 different currencies, so users can do business in their own currency or convert funds to other currencies.
The platform gives users a variety of ways to withdraw their money, such as bank transfers, prepaid Mastercards, and local e-wallets. This gives users more freedom over how they access their money. Wise is available in more than 80 countries and territories. It also has both personal and business accounts, so it can be used for both personal and business purposes. Wise doesn’t support as many currencies as Payoneer (40+), but its low and clear transfer fees make it stand out.
Wise gives real-time, mid-market exchange rates, so users can be sure they are getting fair rates when they convert currencies. Most transfers with Wise are finished in one to two business days, which is a pretty good speed. Payoneer has partnerships with different marketplaces and freelance platforms that allow users to get paid directly into their Payoneer accounts. This integration makes it easier for freelancers and people who sell things online to get paid. Wise, on the other hand, has fewer ways to integrate payments, and its main focus is on sending money abroad.
Payoneer vs Wise Integration
Payoneer has made deals with many marketplaces and freelance platforms so that users can get paid directly into their Payoneer accounts. This integration makes it easier for freelancers and online sellers to get paid, since they can get money from more than one source and manage it all through the Payoneer platform. Users who get paid often from different platforms can save time and effort with the integrated payment flow, which simplifies their finances.
On the other hand, Wise is more focused when it comes to sending money abroad. Wise may not work with as many platforms and marketplaces as Payoneer, but it does offer bank account information in multiple countries and currencies. This makes it easier for people and businesses to receive payments from overseas. These bank details can be shared with clients or partners, who can then send money directly to the recipient’s Wise account. This integration makes it easier for people to send money across borders and saves them money on expensive international wire transfer fees.
Payoneer vs Wise Features
Payoneer has a lot of features that make it easy to send money around the world. It works with more than 150 different currencies, so users can do business in their own currency or convert funds to other currencies at good exchange rates. Users can get paid by clients, marketplaces, and platforms from all over the world with Payoneer, which works with a number of service providers. The platform also offers many ways to withdraw money, like bank transfers, prepaid Mastercards, and local e-wallets. This makes it easy for users to get their money. Payoneer also has business-specific features, such as the ability to pay suppliers, send invoices, and keep track of accounts receivable.
Wise’s main focus is on international money transfers, with a strong focus on openness and low costs. It gives real-time, mid-market exchange rates, so users can know exactly how much they will receive or send in a foreign currency. Wise is a good choice for people and businesses who want to send money across borders because its transfer fees are low and clear. The platform lets users send and receive money in more than 40 different currencies, and it gives local bank account information in a number of countries. This makes it easier for users to receive payments from other countries without having to pay extra fees.
Payoneer vs Wise Performance
Payoneer has become a worldwide payment platform that can be used in more than 200 countries and territories. Its wide reach makes it easy for people and businesses all over the world to connect and do business. Payoneer’s strong infrastructure makes it possible for transactions to happen quickly and securely. Depending on the type of transfer and the currency involved, this can take anywhere from minutes to two business days.
Wise has a strong reputation for offering competitive exchange rates and low transfer fees. This is because it is known for being open and cost-effective. The platform’s innovative technology makes it easy for people to send money across borders. This is done by using local banking systems to avoid paying extra fees. Even though transfer times can vary, Wise usually finishes transfers in one to two business days, so users can send money abroad quickly and safely.
Payoneer: Pros and Cons
- Global availability in over 200 countries and territories.
- Supports over 150 currencies.
- Integration with various marketplaces and platforms.
- Multiple withdrawal options, including bank transfers and prepaid Mastercard.
- Convenient for freelancers, online sellers, and businesses operating globally.
- May have higher fees compared to some competitors.
- Customer support response times can vary.
- Limited currency support compared to some other platforms.
- Not as transparent with exchange rates as some competitors.
Wise: Pros and Cons
- Transparent and low-cost international transfers.
- Real-time, mid-market exchange rates.
- Local bank account details in multiple countries for receiving payments.
- Efficient and user-friendly platform.
- Suitable for individuals and businesses needing frequent cross-border transfers.
- Limited availability in around 80+ countries.
- Supports fewer currencies compared to some competitors.
- Integration options with marketplaces and platforms are more limited compared to some other platforms.
- Customer support availability during business hours only.
Which one should you consider?
Payoneer and Wise are both well-known online payment services, and each has its own strong points. Payoneer is great because it works all over the world, supports a lot of different currencies, and works with a lot of different marketplaces. On the other hand, Wise stands out because its fees are clear, its exchange rates are updated in real time, and its international transfers are cheap. Choosing between the two platforms depends on your needs and priorities, like whether you want to reach people all over the world or make low-cost transfers.
A fee is charged every year for the Payoneer Prepaid Mastercard. TransferWise has won. Fees and exchange rates show that TransferWise is the clear winner. Payoneer fees are more expensive than TransferWise fees.
Payoneer and Wise are both great choices for people who work as freelancers. In the end, the decision comes down to what you like and what your clients need. Payoneer may be a better choice if you value ease of use and quick access to your money.